Happy bandit, as with many things "it depends".
First and foremost, as others have said, do you have the right to live and work in Europe? If not, then save your money.
If so, woo hoo. First hurdle done. Can you speak another language? If not, then you are restricted to UK airlines generally.
Hiring is "just" beginning to happen now. The recession's been tough and Europe isn't out of the woods yet - not by a long shot. Have a look at Greece, Republic of Ireland, Italy, Spain and Portugal to see what I mean. Greece will probably default sooner or later and that'll really hurt.
The 2 main airlines that have been hoovering up crew, easyJet and Ryanair have generally taken their new crew from the various "cadet" schemes running around. Ryanair will take captains with command time on the Boeing 737NG.
However, both airlines have indicated a slow down in expansion. This will have a knock on effect.
So, Europe may not necessarily be the best option but if you want to travel a bit and see more of the world, it's not a bad move. Just know what you're getting yourself into.
Good luck.